Well set to make the most of economic opportunities: China Daily editorial

China's gross domestic product last year was 101.6 trillion yuan ($15.67 trillion), up 2.3 percent from the year before, the National Bureau of Statistics said on Monday, making China the only major economy to achieve positive growth last year.

That's a hard-won result considering the many headwinds and uncertainties the country has encountered, ranging from trade bullying and the technology and market blockade of the United States to the outbreak of the novel coronavirus.

The trajectory of the economy — down 6.8 percent year-on-year in the first quarter, then up 3.2 percent, 4.9 percent and 6.5 percent in the following three quarters — reveals both the heavy blow the pandemic dealt the country in the first quarter, and the resilience of its economy.

The central authorities' pro-growth, pro-innovation, pro-livelihood and pro-employment policies have played an indispensable role in this by tapping into the potential of the Chinese economy, which is based on its close connection with the global market, huge domestic market and complete industrial system.

With China's goods trade with almost all its major partners rising, including trade with the US, the country's foreign trade grew 1.9 percent last year, making it the only major economy to realize positive growth in its goods trade.

Over the past year, a total of 11.86 million jobs were created, markedly higher than the 9 million target; the annual per capita disposable income was 32,189 yuan, 2.1 percent higher than last year; and the consumer price index rose 2.5 percent, lower than the 3.5 percent projection.

Yet consumption, as a main indicator of the vitality of the economy and a major growth engine, was still 3.9 percent lower last year than the year before, indicating that the shock waves of the pandemic have not been fully overcome.

Looking forward, the decision-makers of the country have sufficient reasons to maintain the stability of last year's bailout policies, while also making the policies more targeted and pertinent to suit what remain fast-changing circumstances, since neither the US, a major external factor for China's development, nor the trajectory of the COVID-19 pandemic is predictable.

Timely responding to any changes effectively will be a test of the country's governance capability.

Nonetheless, the better-than-expected performance of the Chinese economy last year indicates that as long as the country can defend its bottom line on several key fronts, including preventing financial risks and guaranteeing food and national security, it will be able to seize any opportunities that may arise amid the uncertainties from the reshuffling of the previously entrenched power structure and resource allocations in the global economy.

The fact that the International Monetary Fund has forecast China's growth this year will reach 8.2 percent, the World Bank anticipates 7.9 percent and the OECD projects 8 percent shows the world's confidence that the country will be able to make the most of the opportunities that may arise.